One of the provisions in the federal government’s aid package is a 25% reduction in the minimum amount (MAP) that must be withdrawn from a Registered Retirement Income Fund (RRIF) in 2020. This is welcome relief for retirees who may have seen a decline in the value of their RRIFs since December 31, 2019, which… Read More
The Globe & Mail published a timely article yesterday about the potential deductions available for employees who have shifted to working from home due to COVID-19. Our interpretation is consistent with the article. You should be able to deduct a prorated amount of your home office costs as an employment expense. The costs will differ… Read More
You can read Part I of our Coronavirus coverage here You can read Part II of our Coronavirus coverage here You can read Part III of our Coronavirus coverage here You can read Part IV of our Coronavirus coverage here Click here for a summary of all cash flow solutions made available by companies or… Read More
Prime Minister Justin Trudeau spoke this morning and unveiled the Canada Emergency Response Benefit (CERB). The CERB will amalgamate the two previously announced benefits: Emergency Support and Emergency Care Benefit. This program is meant to provide an EI-like income for those who don’t normally qualify for EI. Those able to apply for the CERB are… Read More
(Updated April 23 at 9pm) The federal government announced their aid package to assist Canadians during the COVID-19 crisis. Canada.ca has a helpful table of contents for its economic response plan. Below is a list of the various cash flow solutions: Canada Emergency Response Benefit (CERB): The CERB will provide $2,000 a month for… Read More